If another superior proposal comes to life we will engage: Noront Resources CEO
TORONTO - BHP Lonsdale Investments Pty Ltd. is extending is takeover offer for Noront Resources Ltd. as it continues talks with a major shareholder in the company regarding support for its proposal.
The wholly owned subsidiary of BHP says it continues to talk with Wyloo Metals Pty Ltd., which had made an offer of its own for Noront, only to be outbid by the global mining giant.
BHP raised its takeover offer, which has the support of Noront's board, to 75 cents per share from 55 cents after Wyloo made a proposal of 70 cents per share.
Wyloo owns a 37.5 per cent stake in Noront.
To allow more time for its talks to progress, BHP is extending its offer to Dec. 14. It had been set to expire on Nov. 30.
Noront is developing several projects in the Ring of Fire region in northern Ontario.